Results for National Reserve Bank of Tonga

The Pacific International Commercial Bank (PICB), a Chinese-Tongan venture, had its license revoked because it failed to honour a business plan and had not submitted an audit report, the National Reserve Bank of Tonga Governor Dr Ngongo Kioa said in Nuku'alofa today.

The National Reserve Bank of Tonga wishes to assure the public that despite the revocation of the banking licence of Pacific International Commercial Bank (PICB) effective from 26 July 2016, the banking system remains sound. While PICB represented a very small proportion of the total banking system, the banks in Tonga continue to be profitable and maintain strong liquidity and capital position.

Up to half a million pa’anga of “unclaimed” money held in bank accounts at the Bank of the South Pacific in Nuku’alofa will be swallowed up by the government in June if the amounts are not claimed by the owners soon. Several accounts belonging to the King of Tonga, as well as an Emergency Relief Trust Fund, a private retirement fund, and funds belonging to societies and groups such as the Tonga Society of Accountants, the Sisters of Mercy, the Ferry Princess Ashika Vava’u Victims Fund, the Friendly Island Teachers Association, and numerous PTA accounts, along with those of individuals and a few companies, will be included in a mass transfer of funds if unclaimed.

Tonga has accumulated a Foreign Reserve of $311.7 million pa’anga at the end of September, while its domestic inflation rate was 3.2% for September, according to the latest figures on the National Reserve Bank of Tonga website.

Tonga new currency notes and coins were launched by HM King Tupou VI this morning, 29 June, at the Fa’onelua Convention Centre.

A 42-year-old man from Halaleva has been charged with making counterfeit currency after police seized $10 pa‘anga counterfeit notes amounting to $150 on March 19.

Police are warning traders and the public to be aware and to look carefully at Tongan pa‘anga notes, after three counterfeit $50 pa'anga notes were discovered in Nuku‘alofa last week.

Dr Sione Ngongo Kioa (54) became the new Governor of the National Reserve Bank of Tonga on August 21 for a five-year term which is open for renewal.

A new commercial bank, the Pacific International Commercial Bank, was awarded a license to operate by the National Reserve Bank of Tonga on July 2, and is expected to open in about six months time as the fifth bank in Tonga.